Economic Concepts Exam Review

How do mixed economies and free enterprise decide what to produce?

• They look in their fridge

• supply and demand

• They get told what to produce by mom

• Labor

Profit Motive drives a ___________ system

• traditional

• communist

• free enterprise

• stinson

Based on the chart who has a lower quality of life that country B?

• A

• C

Name the system that fits the following description BEST:

A system of shared ownership of resources which provide a more equal distribution of goods and services.

• Traditional Economy

• Socialist

• Communist

• Free Enterprise

Name the system that fits the following description BEST:

A system based on the culture and traditions of the past.

• Traditional Economy

• Socialist

• Communist

• Free Enterprise

Name the system that fits the following description BEST:

A system characterized by private (citizen) ownership of businesses and property (also referred to as capitalism)

• Traditional Economy

• Socialist

• Communist

• Free Enterprise

Name the system that fits the following description BEST:

A system in which the government is in complete control of the economy.

• Traditional Economy

• Socialist

• Communist

• Free Enterprise

What is this image be an example of?

• Stinson Way

• Traditional Economy

• Globalization

• Supply and Demand

North America is rich in natural resources which makes their economy successful. What relationship does this represent?

• Geography and Economy

• Political and Social

What two letters show areas with high population density? Check all that apply.

• X

• L

• B

• W